Jio Platforms’ Rs30,213 crore IPO has become India’s largest share sale, with institutional demand taking the issue past full subscription in about 100 minutes and bids worth Rs90,500 crore arriving on the first day.
Jio Platforms’ initial public offering has emerged as India’s largest share sale by value and the quickest mega issue to be fully taken up, according to reports from Indian financial media. The offer, worth Rs30,213 crore, was said to have crossed full subscription within about 100 minutes of opening on 21 October, overtaking Hyundai Motor India’s Rs27,870 crore offering from 2024. The issue was priced in a band of Rs1,065 to Rs1,119 a share and remained open for bidding until 23 October.
Market reports said the speed of the response was the main story on the first day, with demand from institutional investors driving the rush. Moneycontrol reported that the qualified institutional buyers’ portion was covered within the first 10 minutes and almost doubled shortly afterwards, while the issue was subscribed three times by 5pm on day one. By 12:33pm, bids had been placed for 28.31 crore shares against 19.75 crore on offer, representing overall subscription of 1.43 times, according to the figures cited by Analytics Insight.
The structure of the deal also matters. Rediff reported that this is a fresh issue of up to 27 crore shares, with no offer-for-sale component, meaning the proceeds go to the company rather than to existing shareholders. That makes the IPO not only the biggest in Indian market history by headline size, but also a fundraising event in which the issuing company stands to receive the full benefit of investor demand. According to Moneycontrol, bids worth Rs90,500 crore had been received by the end of the first day, a level that underscored the scale of interest compared with other large Indian listings.
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